Television networks ABC and Univision announced on Monday the name of their new cable network targeting U.S. Hispanics and that it will launch in the second half of 2013.

Five cable operators, including Cablevision, Charter, Cox, AT&T U-verse and Google Fiber, have already agreed to carry the new channel, Fusion.

The companies say the new network will serve 50 million Hispanics, focusing on the issues "most relevant" for the youngest and fastest-growing demographic in the U.S. The network's coverage will include "the economy, entertainment, music, food, immigration, pop culture, education, politics, health and wellness and more," according to a statement released jointly by ABC and Univision.

With spending power of over $1 trillion, Hispanics represent 16 percent of the total population in the U.S., a number that is projected to double to 30 percent by 2050.

"We're thrilled to be partnering with Univision to launch Fusion," said Anne Sweeney, co-chair, Disney Media Networks and president of the Disney/ABC Television Group, in a statement. "Our collaboration will bring unmatched reporting capabilities and understanding of issues and entertainment that resonate with the Hispanic community, one of the fastest growing and important demographic communities in the U.S."

ABC News, owned by the Walt Disney Company, owns half of the joint-venture while Univision News, owned by Univision Communications, Inc., based in New York City, owns the remaining half.

"The launch of Fusion will be a major milestone in Univision's 50 year history of service to the Hispanic community," said Cesar Conde, president of Univision Networks, in a statement. "We're thrilled to partner with ABC News in this exciting new network that will extend Univision's unequaled coverage of Hispanic issues and lifestyle to English-dominant audiences for the first time."